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Can a finance company repossess your car because you lose your job?
Wiki User
∙ 12y ago
Yes. Normally if you are 3 months behind the finance company can take back the collateral. This is a default. Remember, you signed a contract with the bank stating that you would make your payments. It's not their fault you can't pay.
However, any decent bank should be able to work with you in the event you lost your job. The key here is to communicate with them and don't Dodge their phone calls. If you are honest with them, you can normally buy yourself a couple of months.
Wiki User
∙ 12y ago
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Can a finance company repossess your car when you lose your job?
Only if you stopped making payments and are behind on your on your payments.
In a bankruptcy do you lose your motorcycle?
If you owe a finance company for it, they may reposess the motorcycle.
What is a finance topic for any company?
A good finance topic for any company today would have to include cybersecurity. Companies can easily lose money by not having secure data systems.
In California does a finance company have the right to repo a car from a police impound when payments are not behind?
No, They would have to be behind on the car payment The above is not always the case. It can depend on what the car was impounded for. If it was impounded for something like drugs where asset forfeiture comes into play then yes the finance company can take the car regardless of payment status. The reason for this is because there are times when the authorities will tell the finance company that if the vehicle is returned to the registered owner the finance company will lose their rights to it as well. The finance company does not have to hand their collateral back to you if it means loss of collateral, it is their car after all.
What risks do organizations face when engaging in international finance activities?
International finance activities are a risky business because international business laws and regulations are not the same. It is possible for the international organization to 'dupe' the other out of money or products and the company could face no legal ramifications for the actions. Where company A could lose money and products and company B could gain money, products, and lost nothing. It is important for each company to do extensive research in verifying the legitimacy of the company and familiarize themselves with the laws and regulations in the country they are doing business.
Why Account is the language of finance?
because accout have all information like profit and lose u need to understand the accout then you can do the fianace
Can they repossess your car if you've paid for 70 percent of it?
The answer depends on the laws in your state.In some states if you don't pay, you lose it.In Mississippi, after the bank sells it, they cannot make a profit. They have to send you what's left.Not ALL lenders have to return the overage. Some only have to return 85%.Yes, they can still repossess your car, but in most states, if you have paid over 65% of the balance of the loan and the original balance was under $5,400.00, they can't sue you for the deficency balance. Most finance companies, if the vehicle is of any value, will repossess it and resell it to recover any losses they may have.
Why shouldn't one just stop making car payments and let the finance company repossess a car one can no longer pay for?
If it comes down to that you can't pay for it then you should call them and tell them to pick it up and repossess. There are consequences: 1. This will be on your credit history, making it difficult for you to purchase anything on credit again. 2. They will sell your car at an auction (often sold for well below what you owe) the remaining balance you still owe. 3. On the balance that you still owe they can take you to court, which can lead to garnished wages. If you are going to lose your home or can't pay for your food because of a car payment it may be your only option, but you should only do it in those extreme situations. If you financial burden is temporary, talk to your loan company about deferments that will alleviate short term financial stress.
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Can a person in Texas repossess a car if she is making payments but is not on the car title and feels that she has already paid enough into the car?
Sure, you just lose the car.
How far past due can your finance company reposses my vehicle?
Anywhere between 30 days and 90 days. Usually the latter in most cases. If you are falling behind, talk to the finance company and explain the situation. If someone is upfront with them and discusses this early on, then some different arrangements might be able to be made. To the finance company, just stopping the payments without any explanation, means to them that you no longer want the car, so they will take it back, and you will lose all the money you have paid up to that point. Also, it's not "your" vehicle - you don't own it until the Lien is removed from the title. To own a car means you possess the title. The finance company owns the car until it is paid off.
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